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STOCKS, BONDS AND HEDGE FUNDS: NOT A FREE LUNCH! Gaurav S. Amin* Harry M. Kat** Working Paper This version: April 29, 2002 Please address all correspondence to: Harry M. Kat ISMA Centre The University of Reading Whiteknights Park Reading RG6 6BA United Kingdom Tel. +44-118-9316428 E-mail: email@example.com *Ph.D student, ISMA Centre, University of Reading, #Associate Professor of Finance, ISMA Centre, University of Reading. The authors like to thank Hans de Ruiter and ABP Investments for generous support and Tremont TASS (Europe) Limited for supplying the hedge fund data. The first part of this paper was circulated earlier under the title 'Who Should Buy Hedge Funds?'. STOCKS, BONDS AND HEDGE FUNDS: NOT A FREE LUNCH! ABSTRACT We study the diversification effects from introducing hedge funds into a traditional portfolio of stocks and bonds. Our results make it clear that in terms of skewness and kurtosis equity and hedge funds do not combine very well. Although the inclusion of hedge funds may significantly improve a portfolio's mean-variance characteristics, it can also be expected to lead to significantly lower skewness as well as higher kurtosis. This means that the case for hedge funds includes a definite trade-off between profit and loss potential. Our results also emphasize that to have at least some impact on the overall portfolio, investors will have to make an allocation to hedge funds which by far exceeds the typical 1-5% that many institutions are currently considering. I. INTRODUCTION Hedge funds are often said to provide investors with the best of both worlds: an expected return similar to equity with a risk similar to that of bonds. When risk is defined, as is traditionally the case, as the standard deviation of the fund return, this is indeed true. Recently, however, several studies have shown that the risk characteristics of hedge funds are substantially more complex than those of stocks and bonds. This means that when hedge funds are involved it is no longer appropriate to use the standard deviation as the sole measure of risk. Investors will have to give weight to the return distribution's higher moments, in the form of its (co-)skewness and (co-)kurtosis, as well. When doing so, it becomes evident that hedge funds are not necessarily a free lunch: hedge funds' attractive mean-variance characteristics may be accompanied by significantly less attractive skewness and kurtosis properties. Amin and Kat (2002) investigated the performance of randomly selected baskets of hedge funds ranging in size from 1 to 20 funds. Their analysis showed that increasing the number of funds can be expected to lead not only to a lower standard deviation but also, and less attractive, to lower skewness and increased correlation with the stock market. Mean, kurtosis and correlation with bonds tended to be largely unaffected by the number of funds. In the same paper it was also shown that individual hedge funds show extremely high variation in performance. When combined into portfolios the degree of variation drops strongly, although at a decreasing rate. For portfolios containing more than 15 funds the further decline in variation is only small. Most investors tend to hold hedge funds as part of a balanced portfolio containing stocks, bonds and possibly real estate and private equity as well. In this paper we therefore extend the analysis of Amin and Kat (2002) to investigate the diversification effects that occur when combining hedge funds with stocks and bonds. We not only look at the means and standard deviations of the resulting portfolios' return distributions, but also at their skewness and kurtosis. Our results make it clear that hedge funds do not mix too well with equity. Although including hedge funds in a traditional investment portfolio may significantly improve that portfolio's mean variance characteristics, it can also be expected to lead to significantly lower skewness as well as higher kurtosis. This means that the case for hedge funds is less straightforward than often suggested and requires investors to make a trade-off between profit and loss potential. Our results also emphasize that as long as investors do not invest a substantial portion of their wealth in hedge funds, hedge funds will have little or no impact on the overall portfolio characteristics. This is an important observation given that most institutional investors that are currently considering to invest in hedge funds do not appear to be planning to allocate more than 1-5% to hedge funds.1 II. THE DATA The hedge fund data used in this study were obtained from Tremont TASS, which is one of the largest hedge fund databases currently available. After eliminating funds with incomplete and ambiguous data as well as funds of funds, per May 2001 the database at our disposal contains monthly net of fee returns on 1195 live and 526 dead funds. As shown in Amin and Kat (2001b), concentrating on live funds only will on average overestimate the mean return on individual funds by around 2% as well as introduce a significant downward bias in estimates of the standard deviation, an upward bias in the skewness and a downward bias in the kurtosis estimates of individual fund returns. To correct for this in our analysis we decided not to work with the raw return series of the 264 funds that survived the period 1994-2001. Instead we created 455 7-year monthly return series by, starting off with the 455 funds that were alive in June 1994, replacing every fund that closed down during the sample period by a fund randomly selected from the set of funds alive at the time of closure, following the same type of strategy and of similar age and size. For simplicity, we will still refer to the data series thus obtained as 'fund returns.' Implicitly we assume that in case of a fund closure investors are able to roll from one fund into the other at the reported end-of-month net asset values and at zero additional costs. This will underestimate the true costs of fund closure to the investor for two reasons. First, when a fund closes shop its investors will have to look for a replacement. This search takes time and is not without costs. Second, investors may get out of the old and into the new fund at values that are less favourable than the end of-month net asset values contained in the database. Unfortunately, it is impossible to incorporate this into the analysis in a satisfactory way without further detailed information. To represent stocks we use the S&P 500 index, while bonds are represented by the (10- year) Salomon Brothers Government Bond index. Over the sample period monthly S&P returns have a mean of 1.46%, a standard deviation of 4.39%, a skewness of -0.80 and a kurtosis of 3.92. Monthly bond index returns have a mean of 0.43%, a standard deviation of 1.77%, a skewness of 0.56 and a kurtosis of 4.29. III. DIVERSIFICATION WITH HEDGE FUNDS One reason why investors allocate to hedge funds is to reduce risk without loss of expected return. Based on monthly return data over the period 1994-2001, a portfolio of 50% stocks and 50% bonds has an expected return of almost 1% per month. The same is true for a diversified hedge fund portfolio. With hedge funds only loosely correlated with stocks and bonds, this means that by replacing stocks and bonds with hedge funds investors can reduce the standard deviation of the portfolio return while maintaining the expected return at around 1%. To study this diversification process in more detail, we created 500 different portfolios containing 20 hedge funds each by random sampling without replacement from the above 455 funds. Subsequently, we combined every one of these hedge fund portfolios with stocks and bonds in proportions ranging from 0% to 100% invested in hedge funds. Doing so, it was assumed that the proportions of wealth invested in stocks and bonds are always equal. This gives rise to portfolios like 40% stocks, 40% bonds and 20% hedge funds, 30% stocks, 30% bonds and 40% hedge funds, etc. From the monthly returns on the resulting portfolios we calculated four different sample statistics: the mean, standard deviation, skewness, and kurtosis. For hedge fund allocations ranging from 0% to 100%, the 5th, 10th, etc. percentiles of the frequency distributions of these four statistics are shown in figure 1-4. Many will argue that investors (including fund of funds managers) do not select portfolios by random sampling. This is certainly true. However, although many investors spend a lot of time and effort selecting hedge funds, this does not necessarily mean that in many cases a randomly sampled portfolio is not a good proxy for the portfolio ultimately selected. So far, there is no evidence that some investors are consistently able to select future out-performers2 nor of the existence of specific patterns or anomalies. When corrected for possible biases, there is no significant persistence in hedge fund performance nor is there any significant difference in performance between older and younger funds, large and small funds, etc. In addition, older funds may be (more or less) closed for new investments. Investors that are relatively new to hedge fund investing are therefore often forced to invest in funds with little or no track record. If so, selecting funds based on (the statistical properties of) their track record is not an option. The fund prospectus and interviews with managers may provide some information, but in most cases this information will only be sketchy at best and may add more confusion than actual value. Figure 1 shows the frequency distributions of the mean portfolio return for varying hedge fund allocations. A portfolio of 50% stocks and 50% bonds has a mean return of 0.95%. Since the mean return of a portfolio is simply the weighted average of the means of its components, the introduction of hedge funds makes the median mean return change linearly from 0.95% when no hedge funds are included to 0.99% (the mean return on the median basket of 20 hedge funds) when 100% is invested in hedge funds. Figure 2 shows the frequency distributions of the standard deviation of the portfolio return. Here a more interesting picture emerges. Starting at 2.49% for the case of no hedge funds, the median standard deviation drops first but rises later to end at a standard deviation of 2.44% when 100% is invested in hedge funds. The drop represents the relatively low correlation of hedge funds with stocks and bonds. The median standard deviation reaches its minimum at a hedge fund allocation of 50%, which makes it very clear that to obtain at least some diversification benefits investors will have to allocate a very substantial part of their wealth to hedge funds. The frequency distributions of the skewness of the portfolio return are shown in figure 3. The graph shows a remarkable similarity with that of the standard deviation. Starting at -0.32, the median skewness drops first and rises later to end at -0.52 when 100% is invested in hedge funds. The median reaches a minimum of -0.86 at a hedge fund allocation of 55%. Finally, figure 4 shows the frequency distributions of the kurtosis of the portfolio return. Starting at 2.90, the median kurtosis rises gradually towards the kurtosis level of the median portfolio of hedge funds (5.39). The graph is somewhat S-shaped though, meaning that most of the rise takes place for hedge fund allocations between 25% and 65%. For allocations smaller than 25% the effect from the inclusion of hedge funds on the kurtosis of the overall portfolio return is relatively limited. Overall, it appears that the case for using hedge funds for diversification purposes is not as straightforward as is often suggested. Hedge funds can indeed be expected to reduce a portfolio's standard deviation, but only at the cost of lower skewness and increased kurtosis. In addition, and not completely unexpected, figure 1-4 show that to realize at least some of the diversification effect investors will have to invest a large proportion of their assets in hedge funds; much more than most of them are currently contemplating. IV. YIELD ENHANCEMENT WITH HEDGE FUNDS Another application of hedge funds that is often suggested is to use hedge funds to replace bonds. A good example can be found in McFall Lamm (1999). The idea is that since hedge funds have a relatively high mean and low standard deviation and are only loosely correlated with equity, replacing bonds by hedge funds will substantially raise the expected return without an accompanying rise in standard deviation. To investigate the exact workings of this, we again created 500 different portfolios containing 20 hedge funds and combined every one of these hedge fund portfolios with stocks and bonds. Doing so, the equity allocation was kept constant at 50%. In other words, starting with 50% stocks and 50% bonds, the hedge fund allocation is assumed to come fully out of the bond allocation. This gives rise to portfolios like 50% stocks, 40% bonds and 10% hedge funds, 50% stocks, 30% bonds and 20% hedge funds, etc. As before, from the monthly returns on the resulting portfolios we calculated the mean, standard deviation, skewness, and kurtosis. For hedge fund allocations ranging from 0% to 50%, the 5th, 10th, etc. percentiles of the frequency distributions of these four statistics are shown in figure 5-8. From figure 5 we see that, as intended, when the hedge fund allocation increases the median expected return rises in a linear fashion from 0.95% on a portfolio without hedge funds to 1.24% on a portfolio of 50% equity and 50% hedge funds. From figure 2, which shows the frequency distributions of the standard deviation of the portfolio return, we see that replacing bonds by hedge funds in the way we did does not leave the portfolio standard deviation completely untouched. Over the range studied, it rises from 2.4% with no hedge funds to 3.1% with 50% hedge funds. So far things are not too different from what investors (are told to) expect when replacing bonds by hedge funds. However, this is no longer the case if we look at the skewness of the portfolio return distribution. Figure 7 shows very clearly that replacing bonds by hedge funds will lead to a very substantial reduction in skewness. In addition, as shown by figure 8, it also causes a substantial rise in the return distribution's kurtosis. The drop in skewness is very interesting. With the median hedge fund portfolio exhibiting a skewness of only -0.52, it is clear that in terms of skewness hedge funds and equity do not mix very well. In economic terms, the data suggest that when things go wrong in the stock market, they also tend to go wrong for hedge funds. In a way, this makes sense. A significant drop in stock prices will often be accompanied by a widening of a multitude of spreads, a drop in market liquidity, etc. As a result, many hedge funds will show relatively bad performance as well. A similar reasoning explains why the median portfolio of 50% hedge funds and 50% equity already has a kurtosis that is almost as high as that of 100% hedge funds (5.39). We reach a similar conclusion as before. The improvement in expected return that is observed when bonds are replaced by hedge funds is not a free lunch. The higher expected return is obtained at the cost of substantially lower skewness as well as substantially higher kurtosis. Figure 5-8 also confirm our previous conclusion with respect to the required size of the hedge fund allocation. To see at least some effect, investors will have to make an allocation to hedge funds that is much higher than what most are currently contemplating. V. BRINGING IT TOGETHER From the previous discussion it is clear that the beneficial effect of hedge funds on the mean or standard deviation of the portfolio return tends to go hand in hand with an opposite effect on the return distribution's skewness and kurtosis. As a result, the overall shape of the portfolio return distribution can be expected to change substantially as a result of the inclusion of hedge funds. Figure 9 shows the return distribution of a portfolio of 50% stocks and 50% bonds as well as the return distribution of the median portfolio of 30% stocks, 30% bonds and 40% hedge funds. Comparing both distributions we see that they intersect several times. Reading the graph from left to right, the net effect of the inclusion of hedge funds consists of: (1) a higher probability of a very large loss, (2) a lower probability of a smaller loss, (3) a higher probability of a low positive return, and (4) a lower probability of a high positive return. Most investors that use hedge funds for diversification will expect to trade in profit potential for reduced loss potential on a more or less equal basis. However, as shown clearly by figure 9, because of the increase in negative skewness the trade-off is not symmetrical. Investors can expect to give up more on the upside than on the downside. Figure 10 shows the return distribution of a portfolio of 50% stocks and 50% bonds as well as the return distribution of the median portfolio of 50% stocks and 50% hedge funds. Comparing both graphs we see that the net effect of replacing bonds by hedge funds consists of (1) a higher probability of a large loss, (2) a lower probability of a smaller (positive or negative) return, and (3) a higher probability of a higher positive return. Most investors who replace bonds by hedge funds will expect the return distribution to simply shift to the right without changing shape. Figure 10, however, makes it clear that this shift will be accompanied by an extension of the left tail, i.e. a higher probability of a large loss. The above confirms that the case for hedge funds is less straightforward than often suggested and requires investors to make a trade-off between profit and loss potential. In essence, hedge funds offer investors a way to modify the risk-return characteristics of their portfolio.3 Whether the resulting portfolio makes for a more attractive investment than the original is primarily a matter of taste though, not a general rule. The next question is of course what type of investor would be interested in trading in skewness for a higher mean return and/or a lower standard deviation. Since in general institutional investors will be better equipped to deal with a relatively large loss (they can raise premiums for example) than retail investors, one could argue that hedge funds are more suitable for institutional investors than for retail investors. So far, however, private investors have been the main investors in hedge funds. Driven by low interest rates, declining stock markets, and substantial marketing and peer pressure, institutional investors are showing interest but, apart from a number of US endowments, not many have made a significant allocation to hedge funds yet. VI. MEAN-VARIANCE OPTIMAL PORTFOLIOS The allocation rules that we have studied so far are quite ad hoc, i.e. do not rely on more detailed information with regard to the statistical properties of the asset classes involved. To solve this we performed two standard mean-variance optimisations; one with only stocks and bonds and one with stocks, bonds and hedge funds as the available asset classes. The results of both optimisations can be found in table 1 and 2. The differences between the case with and the case without hedge funds can be found in table 3. Throughout we concentrate on the median case. In table 1-3 the mean-variance efficient set is approached in two different ways. In the first part of each table we look at the highest possible mean for a given standard deviation. This is the mean-variance equivalent of the yield enhancement strategy discussed in section IV. In the second part of each table we look at the lowest possible standard deviation for a given mean return. This is the mean-variance equivalent of the diversification strategy discussed in section III. The remaining columns show the required portfolio allocations as well as the skewness and kurtosis of the resulting return distributions. Starting with the case without hedge funds (table 1), we see that moving upwards over the efficient frontier results in a straightforward exchange of bonds into stocks. Since stocks have a higher mean and a higher standard deviation than bonds, if we increase the standard deviation (mean), the mean (standard deviation) also goes up. While this happens the skewness of the return distribution drops quite significantly as stock returns are more negatively skewed than bond returns. The kurtosis of the return distribution remains more or less unchanged. Next, we added hedge funds and recalculated the efficient frontier (table 2). Moving upwards over the efficient frontier again, we observe interesting changes in the asset allocation. Starting with a mix of 50% bonds and 50% hedge funds, bonds are exchanged for stocks while the hedge fund allocation remains more or less constant. When the bond allocation nears depletion, the equity allocation continues to grow but now at the cost of the hedge fund allocation, just as bonds are exchanged for stocks in the case without hedge funds. This process is graphically depicted in figure 11. Similar to the case without hedge funds, if we increase the standard deviation (mean), the mean (standard deviation) goes up, while the skewness of the return distribution goes down. At the same time, the degree of leptokurtosis rises. Unlike what we saw before, skewness does no longer drop in a more or less linear fashion though. This is also shown in figure 12, which for given standard deviations shows the mean return and skewness of the portfolios on the mean-variance efficient frontier. From figure 11 and 12 we see that skewness drops as long as bonds are being replaced by equity. The lowest level of skewness is reached when the bond allocation reaches 0%, i.e. with around 45% invested in stocks and 55% in hedge funds. After that, as hedge funds start to be replaced by equity, skewness rises again, reaching -0.80 when 100% is invested in equity. A similar but reverse phenomenon is observed for kurtosis. This confirms what we saw already saw before in section III and IV: in terms of skewness and kurtosis hedge funds do not combine very well with equity. What are the most striking differences between both mean-variance efficient sets (table 3)? First, as expected, introducing hedge funds allows for a higher mean at a given standard deviations and a lower standard deviation at a given mean. The largest improvement is observed for relatively low means and standard deviations. For high means and standard deviations the effect is only small though.4 Second, skewness drops with the drop being most striking for those cases where the mean or standard deviation improves most. This emphasizes that the improvement in mean and/or standard deviation is not a free lunch. Third, kurtosis rises with the highest rise occurring when the hedge fund allocation is highest. Again, we also see that to actually realize the above effects investors will have to invest a high portion of their assets in hedge funds. A meaningful improvement in mean return or standard deviation requires a hedge fund allocation of at least 25-30%. VII. MEAN-VARIANCE-SKEWNESS ANALYSIS From the above it is painfully obvious that standard mean-variance portfolio decision making is no longer appropriate when hedge funds are involved. Given the statistical properties of portfolios of stocks, bonds and hedge funds we need a decision-making framework that not only incorporates the mean and standard deviation of the portfolio return distribution, but also (at least) its skewness. Mean-variance-skewness portfolio selection models received quite some attention in academia in the 1970s,5 but interest faded in later years, partly because traditional asset classes tend to exhibit relatively little skewness. To assess where the mean-variance optimal portfolios that we calculated in the previous section fit into the mean-variance-skewness opportunity set, we first plotted the mean-variance efficient portfolios for the case with (red) and without (green) hedge funds in mean-variance-skewness space. The result can be found in figure 13. From the graph we clearly see that both efficient sets are significantly different, not only in terms of mean and variance, but especially in terms of skewness. The efficient set for the case with hedge funds offers more attractive mean-variance properties, but at the cost of much lower levels of skewness. Next, we calculated the complete mean-variance-skewness opportunity set, which is depicted in figure 14. Figure 14 shows that when combining stocks, bonds and hedge funds the nature of the opportunity set is such that the most attractive mean-variance combinations are found at the lowest skewness levels. It is exactly these portfolios that mean-variance optimisation singles out for us, i.e. mean-variance optimal portfolios are also minimum skewness portfolios. From figure 14 we also see that the skewness effect can partially be avoided by opting for a lower mean and/or higher standard deviation. Unfortunately, doing so simply takes us back to the case without hedge funds. VIII. SOME OTHER CONSIDERATIONS Apart from the fact that the only way to capitalize on the low volatility and low correlation properties of hedge funds seems to be to allocate quite a significant part of one's wealth to hedge funds and accept the additional negative skewness and increased kurtosis that tends to come with it, there are a number of other important points to consider before making an allocation to hedge funds. In this section we briefly discuss three of them, all relating to the validity of the inputs used in the portfolio decision nmaking process. Biased Data Apart from reporting and data entry errors and survivorship bias, monthly hedge fund return data exhibit another type of bias as well. As shown in Brooks and Kat (2001) and Kat and Lu (2002) for example, the available monthly returns of hedge funds involved in convertible arbitrage, risk arbitrage or distressed securities tend to exhibit a high degree of positive serial correlation. The explanation for this phenomenon lies in the difficulty for these types of hedge funds' administrators to generate up-to-date valuations of their positions. When confronted with this problem, administrators either use the last reported transaction price or an estimate of the current market price, which may easily create lags in the evolution of these funds' net asset value. As a result of the autocorrelation, estimates of the standard deviation of monthly hedge fund returns may be biased downwards by a significant amount. Brooks and Kat (2001) show that when corrected for serial correlation the standard deviation of the monthly return on the CSFB/Tremont Convertible Arbitrage index for example increases from 1.36% to 2.42%. Incorporation of this bias will make certain types of hedge funds more risky and their inclusion in the portfolio less attractive. Illiquidity Many hedge funds employ long lock-up and advance notice periods. Such restrictions are not only meant to reduce managing costs and cash holdings but also allow managers to aim for longer-term horizons and invest in relatively illiquid securities, including exotic OTC derivatives. As a result of the above, hedge fund investments are substantially less liquid than investments in common stocks or bonds. If this relative illiquidity is incorporated in the portfolio decision-making process, for example by lowering the expected return by an amount equal to the cost of securitization of the hedge fund portfolio, this will reduce the benefits of hedge funds. Estimation Error Since most data vendors only started collecting data on hedge funds around 1994 and hedge funds report into these databases only once a month, the available data set on hedge funds is very limited. Apart from spanning a very short period of time, the available data on hedge funds also span a very special period: the great bull market of the 1990s. This sharply contracts with the situation for stocks and bonds. Not only do we have return data over differencing intervals much shorter than one month, we also have those data available over a period that extends over many business cycles. This has allowed us to gain insight into the main factors behind stock and bond returns and also allows us to distinguish between normal and abnormal market behaviour. The return generating process behind hedge funds on the other hand is still very much a mystery and so far we have little idea what constitutes normal behaviour and what not. Risk arbitrage funds used to show impressive performance during the recent bull market but, with M&A volumes at their lowest level since 1996, are currently confronted by a serious lack of merger activity that can be expected to greatly impact their performance. Many investors are therefore switching to other relative value strategies like convertible arbitrage for example. With institutional interest in hedge funds on the increase another question that arises is when the hedge fund industry will reach capacity. Schmidt (2001) notes that while the hedge fund industry has experienced strong growth over the last five years more hedge funds are showing similar and lower returns. This could be taken as a first indication there may not be enough opportunities in the global capital markets to allow hedge funds to continue to deliver the sort of returns that we have seen so far. However, it could also simply be the result of sampling error or, following the collapse of LTCM, the implementation of improved risk management procedures and a reduction in the overall degree of leverage employed by hedge funds. Although this is by no means an easy task, the above uncertainties should be properly incorporated in the portfolio decision-making process. Of course, doing so will again reduce the attractiveness of hedge funds. IX. CONCLUSION In this paper we have studied the diversification effects from including hedge funds into a portfolio of stocks and bonds. We saw that introducing hedge funds in a portfolio of stocks and bonds will improve that portfolio's mean-variance characteristics but at the cost of lower skewness and higher kurtosis. In addition, our results make it clear that to have at least some impact on the overall portfolio, investors will have to make an allocation to hedge funds which far exceeds the typical 1-5% that many institutions are currently considering. Strictly speaking our conclusions are only valid for the median hedge fund portfolio, i.e. an average portfolio of 20 funds with a strategy allocation more or less in line with the composition of the industry. We chose this portfolio because it resembles the average (fund of fund) portfolio that people invest in. It would be interesting to see whether it is possible to reduce the observed skewness and kurtosis effects, while maintaining the benefits in terms of mean and standard deviation, by changing the strategy allocation and/or including only funds with certain characteristics. Research in this area is currently underway. Hedge funds are not necessarily good or bad. They are just very different from what most investors are used to and require a more elaborate approach to investment decision-making than currently in use by most investors.6 When studied in the traditional mean-variance framework, the inclusion of hedge funds in a portfolio appears to pay off impressive dividends. However, when taking into account the complexity of hedge fund returns, their relationship with each other and other asset classes, the illiquidity, and the lack of (reliable) data, the matter becomes quite a lot more complicated. Clearly, it will take a substantial research effort before these issues can be dealt with in a satisfactory manner. FOOTNOTES 1. Recent announcements by major institutions such as CalPERS and ABP that they will invest up to one billion in hedge funds are often used in the marketing of (funds of) hedge funds to smaller institutions. One should keep in mind, however, that, given the size of these institutions, these hedge fund allocations often amount to not more than 1% of total assets. 2. Although funds of hedge funds often claim to possess superior fund selection skills, it is shown in Kat and Lu (2002) that over the period 1994 -2001 the average fund of funds underperformed an equally-weighted portfolio of randomly selected hedge funds by almost 3% per annum. Likewise, Amin and Kat (2001a) found a difference in efficiency between the average fund of funds and the average hedge fund index of almost 5%. 3. The question whether hedge funds are the most efficient way to accomplish this modification is dealt with in detail in Amin and Kat (2001a). 4. It should be noted that much of this is due to the specific nature of the hedge fund portfolio used. Typically, when adding hedge funds the largest improvement takes place around the hedge funds portfolio's mean and standard deviation. For example, a portfolio of convertible arbitrage funds can be expected to improve especially the mean and standard deviation at the lower end of the efficient frontier, while a portfolio of long/short equity funds on the other hand will primarily improve the upper end. 5. See for example Jean (1971, 1973) or Simkowitz and Beedles (1978). 6. A similar point can be made for other types of alternative investments such as venture capital, non-principal protected structured notes and bonds, etc. In this context it is interesting to note that the bulk of the outstanding catastrophe-linked bonds is held by only a handful of hedge funds. As long as no major catastrophe occurs these funds can be expected to perform quite well. However, when a catastrophe does eventually occur, they may be left with a large loss. REFERENCES Amin, G. and H. Kat (2001a), Hedge Fund Performance 1990-2000: Do the Money Machines Really Add Value?, forthcoming Journal of Financial and Quantitative Analysis. Amin, G. and H. Kat (2001b), Welcome to the Dark Side: Hedge Fund Attrition and Survivorship Bias 1994-2001, Working Paper ISMA Centre, University of Reading. Amin, G. and H. Kat (2002), Portfolios of Hedge Funds: What Investors Really Invest In, Working Paper ISMA Centre, University of Reading. Brooks, C. and H. Kat (2001), The Statistical Properties of Hedge Fund Index Returns and Their Implications for Investors, Working Paper ISMA Centre, University of Reading. Jean, W. (1971), The Extension of Portfolio Analysis to Three and More Parameters, Journal of Financial and Quantitative Analysis, Vol. 6, pp. 505-515. Jean, W. (1973), More on Multidimensional Portfolio Analysis, Journal of Financial and Quantitative Analysis, Vol. 8, pp. 475-490. Kat, H. and S. Lu (2002), The Statistical Properties of Individual Hedge Fund Returns, Working Paper ISMA Centre, University of Reading. McFall Lamm, R. (1999), Portfolios of Alternative Assets: Why Not 100% Hedge Funds?, Journal of Alternative Investments, Winter, pp. 87-97. Schmidt, J. (2001), Performance Quartiles of Single & Multi-Manager Hedge Funds 1996-2001, Allenbridge Hedgeinfo Study 2/2001. Simkowitz, M. and W. Beedles (1978), Diversification in a Three-Moment World, Journal of Financial and Quantitative Analysis, Vol. 13, pp. 927-941. Capital Management Partners, Inc. 1100 North Fourth Street Suite 141 Fairfield, Iowa 52556 Phone: 800-621-2520 / 641-472-8800 Fax: 641-209-1970 Contact CMP via email RISK DISCLOSURE WHEN CONSIDERING ALTERNATIVE INVESTMENTS YOU SHOULD CONSIDER VARIOUS RISKS INCLUDING THE FACT THAT SOME PRODUCTS USE LEVERAGE AND OTHER SPECULATIVE INVESTMENT PRACTICES THAT MAY INCREASE THE RISK OF INVESTMENT LOSS, CAN BE ILLIQUID, ARE NOT REQUIRED TO PROVIDE PERIODIC PRICING OR VALUATION INFORMATION TO INVESTORS, MAY INVOLVE COMPLEX TAX STRUCTURES AND DELAYS IN DISTRIBUTING IMPORTANT TAX INFORMATION, ARE NOT SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS, OFTEN CHARGE HIGH FEES, AND IN MANY CASES THE UNDERLYING INVESTMENTS ARE NOT TRANSPARENT AND ARE KNOWN ONLY TO THE INVESTMENT MANAGER. WITH RESPECT TO ALTERNATIVE INVESTMENTS IN GENERAL, YOU SHOULD BE AWARE THAT: RETURNS FROM SOME ALTERNATIVE INVESTMENTS CAN BE VOLATILE. YOU MAY LOSE ALL OR PORTION OF YOUR INVESTMENT. WITH RESPECT TO SINGLE MANAGER PRODUCTS THE MANAGER HAS TOTAL TRADING AUTHORITY. THE USE OF A SINGLE MANAGER COULD MEAN A LACK OF DIVERSIFICATION AND HIGHER RISK. MANY ALTERNATIVE INVESTMENTS ARE SUBJECT TO SUBSTANTIAL EXPENSES THAT MUST BE OFFSET BY TRADING PROFITS AND OTHER INCOME. A PORTION OF THOSE FEES IS PAID TO CAPITAL MANAGEMENT PARTNERS, INC. TRADING MAY TAKE PLACE ON FOREIGN EXCHANGES THAT MAY NOT OFFER THE SAME REGULATORY PROTECTION AS US EXCHANGES. WITH RESPECT TO AN INVESTMENT IN A FUND, YOU SHOULD BE AWARE THAT: THERE IS OFTEN A LACK OF TRANSPARENCY AS TO THE FUND'S UNDERLYING INVESTMENTS. AS TO FUND OF FUNDS, THE FUND'S MANAGER HAS COMPLETE DISCRETION TO INVEST IN VARIOUS SUB-FUNDS WITHOUT DISCLOSURE THEREOF TO YOU OR TO US. BECAUSE OF THIS LACK OF TRANSPARENCY, THERE IS NO WAY FOR YOU TO MONITOR THE SPECIFIC INVESTMENTS MADE BY THE FUND OR TO KNOW WHETHER THE SUB-FUND INVESTMENTS ARE CONSISTENT WITH THE FUND'S HISTORIC INVESTMENT PHILOSOPHY OR RISK LEVELS. A FUND OF FUNDS INVESTS IN OTHER FUNDS AND FEES ARE CHARGED AT BOTH THE FUND AND SUB-FUND LEVEL. THUS THE OVERALL FEES YOU WILL PAY WILL BE HIGHER THAT YOU WOULD PAY BY INVESTING DIRECTLY IN THE SUB-FUNDS. IN ADDITION, EACH SUB-FUND CHARGES AN INCENTIVE FEE ON NEW PROFITS REGARDLESS OF WHETHER THE OVERALL OPERATIONS OF THE FUND ARE PROFITABLE. THERE IS NO SECONDARY MARKET FOR FUND INTERESTS. TRANSFERS OF INTERESTS ARE SUBJECT TO LIMITATIONS. THE FUND'S MANAGER MAY DENY A REQUEST TO TRANSFER IF IT DETERMINES THAT THE TRANSFER MAY RESULT IN ADVERSE LEGAL OR TAX CONSEQUENCES FOR THE FUND. A FUND'S OFFERING MATERIALS OR A MANAGER'S DISCLOSURE DOCUMENT DESCRIBES THE VARIOUS RISKS AND CONFLICTS OF INTEREST RELATING TO AN INVESTMENT AND TO ITS OPERATIONS. YOU SHOULD READ THOSE DOCUMENTS CAREFULLY TO DETERMINE WHETHER AN INVESTMENT IS SUITABLE FOR YOU IN LIGHT OF, AMONG OTHER THINGS, YOUR FINANCIAL SITUATION, NEED FOR LIQUIDITY, TAX SITUATION, AND OTHER INVESTMENTS. KEEP IN MIND THAT THE PAST PERFORMANCE OF ANY INVESTMENT IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. YOU SHOULD ONLY COMMIT RISK CAPITAL TO A FUND INVESTMENT. ALTERNATIVE INVESTMENT PRODUCTS, INCLUDING HEDGE FUNDS, ARE NOT FOR EVERYONE AND ENTAIL RISKS THAT ARE DIFFERENT FROM MORE TRADITIONAL INVESTMENTS. YOU SHOULD OBTAIN INVESTMENT AND TAX ADVICE FROM YOUR ADVISERS BEFORE DECIDING TO INVEST. CAPITAL MANAGEMENT PARTNERS, INC. (CMP) HAS ENTERED INTO SELLING AGREEMENTS WITH SOME OF THE FUNDS DESCRIBED ON THIS WEBSITE, PURSUANT TO WHICH IT IS PAID FEES BY THE FUND OR ITS MANAGER IN CONNECTION WITH FUND SALES MADE BY CMP. IN ADDITION, CMP MAY ACT AS AN INTRODUCING BROKER FOR INDIVIDUALLY MANAGED FUTURES ACCOUNTS AND TO SOME OF THE FUNDS AND AS SUCH, MAY RECEIVE A PORTION OF THE COMMODITY BROKERAGE COMMISSIONS THEY PAY IN CONNECTION WITH THEIR FUTURES TRADING OR RECEIVE A PORTION OF THE INTEREST INCOME (IF ANY) EARNED ON AN ACCOUNT'S ASSETS. CERTAIN CTAS MAY ALSO PAY CMP A PORTION OF THE FEES THEY RECEIVE FROM ACCOUNTS INTRODUCED TO THEM BY CMP. BEFORE SEEKING ANY ADVISOR'S SERVICES OR MAKING AN INVESTMENT IN A FUND, INVESTORS MUST READ AND EXAMINE THOROUGHLY THE RESPECTIVE DISCLOSURE DOCUMENT OR OFFERING MEMORANDUM. Information presented on this site has been obtained from sources that CMP believes to be reliable. However, CMP has not and cannot verify the accuracy of such information, and potential investors should be aware that such information is subject to change without notice. Not all products and services described on this website are available in all jurisdictions, and certain investments may not be suitable for all investors. Certain investment products that are available to U.S. persons have not been registered with any federal or state regulator, and as a result are available only to certain qualified investors. Qualifications vary from product to product. Any information on this website referring specifically to investment products offered by CMP is only available to view by qualified persons with a username and password, which can be obtained by registering and qualifying. By registering you understand that CMP may, at its sole discretion, send you information (electronically or otherwise) on various products it offers that it believes are suitable for you and you expressly consent thereto. You may notify CMP in writing, at any time to remove your name from its product distribution list. The information on this website should not be construed as investment advice. You should obtain independent investment and tax advice before deciding to invest. Past results are not indicative of future results. There is risk of loss when investing in managed futures or funds. The information contained in this website may not be reproduced, reorganized or used to create a financial product including an index. 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Home | Investment Database | Funds Report | Hedge Fund | Fund Strategies | Fund Diversification Futures and Hedge Funds | Futures Facts | Risk Management | Manage Selection | CTA Performance | Resources
*Ph.D student, ISMA Centre, University of Reading, #Associate Professor of Finance, ISMA Centre, University of Reading. The authors like to thank Hans de Ruiter and ABP Investments for generous support and Tremont TASS (Europe) Limited for supplying the hedge fund data. The first part of this paper was circulated earlier under the title 'Who Should Buy Hedge Funds?'.
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Home | Investment Database | Funds Report | Hedge Fund | Fund Strategies | Fund Diversification Futures and Hedge Funds | Futures Facts | Risk Management | Manage Selection | CTA Performance | Resources


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Yellowstone River - $400 off weekly rate to 9/3/11
Bedrooms: | 4 |
Bathrooms: | 4 |
Sleeps | 10 |
Per week | $995 - $2,195 |
Type: | Home |
General location: The home is located on the eastern edge of town. Three blocks away is a great little coffee shop, and the main part of town with shopping and restaurants is 10 to 15 blocks from the house. It is a one hour drive to Yellowstone National Park, and just 35 minutes to Bozeman's Gallatin Field airport.
For fishermen or folks that just want to explore, the amazing Boulder and Stillwater River valleys are located to the east within an hour or so. Head west, and the Gallatin, Madison and Missouri River Valleys beckon.
Bedrooms and bathrooms: There are four bedrooms in the home and four full bathrooms. On the main level of the home is a master bedroom with king size bed and an attached private bath with stall shower. The second bedroom is set up with a twin over double bunk bed plus a twin trundle bed. There is a full bath with tub and shower out in the hallway. Upstairs is a second master bedroom with king size bed and attached bath with a double shower. This king size bed may also be separated into two extra long twin beds for more flexible sleeping arrangements. The second upstairs bedroom has a queen size bed and a day bed, and a full bathroom with tub and shower out in the hall. Anglers Rest can accommodate up to ten guests (in eight separate beds).
Kitchen and dining: The home has a complete kitchen with a gas range and oven, dishwasher, microwave, coffee maker and grinder, blender -- all the essentials! You will have all the cookware and serving ware you need for your crew. A nice gas grill is out on the deck for barbecues. The dining area is just off the kitchen, with an oak table that seats six to eight comfortably. There are a couple of stools at the kitchen island for overflow. The wrap around deck is set up with plenty of seating for those outdoor meals, as well as a hammock for an afternoon nap.
Living room: The cozy living room is centered around the fireplace (gas-fired), which makes a great place for relaxing after a day of hiking, fishing or exploring. The living area is set up with a flat screen television with satellite service and DVD/VCR player, and a stereo system with CD player. The sound system is set up for you to play your ipod or mp3 player as well. For a quieter evening, head out to the hot tub out back, listen to the creek and do some star-gazing!
Guest capacity: Anglers Rest can accommodate up to ten guests.
This is a green home! Angler's Rest utilizes compact fluorescents for at least 75% of its lighting, supplies recycled fiber paper products, use gentler cleaning products, and offers recycling bins for guest use. In addition, Angler's Rest was built in good part with the use of salvaged metal and barn wood from the family's old barns near Bozeman. The interior trim and accent wood was all salvaged, re-planed and re-finished to give it a second life. The home is supplied with energy efficient radiant floor heat, and the water heater is an on-demand unit, guaranteeing a long shower when you need one but still using far less energy!
Other details: No smoking is allowed in the home. No pets are allowed on the property or in the home without prior written approval. The home has wireless internet service, satellite tv, a private phone with answering machine, and a washer and dryer. The home has a fully equipped kitchen, and includes luxury bed and bath linens, and staples like paper goods, laundry, dish and hand soaps.
Chanelle Zimmer
Property Rates
Begins | Ends | Week Night |
Weekend Night |
Weekly | Monthly | Min Stay |
Jan 06 2015 | May 15 2015 | - | - | $995 | - | 1 Week |
May 16 2015 | Jun 15 2015 | - | - | $1,295 | - | 1 Week |
Jun 14 2015 | Sep 14 2015 | - | - | $2,195 | - | 1 Week |
Jun 16 2015 | Sep 15 2015 | - | - | $2,195 | - | 1 Week |
Sep 14 2015 | Oct 15 2015 | - | - | $1,295 | - | 1 Week |
Sep 16 2015 | Oct 15 2015 | - | - | $1,295 | - | 1 Week |
Oct 16 2015 | Dec 19 2015 | - | - | $995 | - | 1 Week |
Oct 16 2015 | Dec 19 2015 | - | - | $995 | - | 1 Week |
Dec 20 2015 | Jan 06 2016 | - | - | $1,895 | - | 1 Week |
Dec 20 2015 | Jan 06 2016 | - | - | $1,895 | - | 1 Week |
View all periods | ||||||
: 5 p.m. : 10 a.m. | ||||||
Lodging tax: 7% | ||||||
Deposits: 50% due within 48 hours. Balance due 30 days prior to reservation. | ||||||
Payment Options: Mastercard, Personal Check, Visa | ||||||
Other Fees: $45 damage waiver fee. (policy that will cover up to $3000 worth of accidental damage.) |
Reviews for this vacation home rental in Livingston, Montana
Cynthia M Huber
Sanbornton NH
Huber stay in Livingston MT
January 2, 2009
Great house, just big enough, liked the hot tub. Will come back in the summer of 2009. The only reason I did not give a five star was the heat in the house was not consistent and the water for our showers did not always stay hot. Otherwise the house was great and we enjoyed our stay! Cynthia M Huber
Angler's Rest is roomy but still cozy, and comfortably close to downtown Livingston. In the evenings we sat on the back porch and watched a great horned owl hunt along the water, with a glorious view of the mountains in the distance. We had a great time during our visit!
- C.H., Florida
Our stay at Angler's Rest was great! The house was perfect for our needs and very comfortable. The house is central to the areas we wanted to fish and the town of Livingston was very nice also.
- K.M., Winston-Salem, North Carolina

subset: commoncrawl


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August 7, 2006
Rivals.com Rivals.com
Name: Antwon DixonCity, State: Terry, MSPosition: SafetyClass: 2007Media: Video
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Home Search Send Comments What's New Hottest 25 Legends Odd News Glossary FAQ Autos Business Cokelore College Computers Crime Disney Embarrassments Food Glurge Gallery History Holidays Horrors Humor Language Legal Lost Legends Love Luck Media Matters Medical Military Movies Music Old Wives' Tales Photo Gallery Politics Pregnancy Quotes Racial Rumors Radio & TV Religion Risqué Business Science September 11 Sports Titanic Toxin du jour Travel Weddings Message Archive |
Claim: Asked about a deer's final thoughts, Ted Nugent dissed the French.
Example: [Collected via e-mail, 2006]
Variations: A version that came to us in February 2010 (a congressional election year) changed 'French journalist' to 'a liberal journalist, an animal rights activist' and 'the French' to 'the Democrats in Congress.'
Ted Nugent, rock star and avid bow hunter from Michigan, was being interviewed by a liberal journalist, an animal rights activist. The discussion came around to deer hunting.
Origins: Hard rock guitarist Ted Nugent is a man who has a penchant for expressing strong opinions in colorful fashion. This outdoorsman, conservationist, bow hunter, Republican, Christian, gun rights advocate, anti-drug exponent, military supporter (his biography and list of affiliations expresses the essence of the man far better than we can) is notorious for the vehemence with which he expresses his views. He is not one to be shy about sharing his take on things with the media, and interviews with him make for highly entertaining
The journalist asked, 'What do you think is the last thought in the head of a deer before you shoot him? Is it, 'Are you my friend?' or is it 'Are you the one who killed my brother?' Nugent replied, 'Deer aren't capable of that kind of thinking. All they care about is, what am I going to eat next, who am I going to screw next, and can I run fast enough to get away. They are very much like the Democrats in Congress.' That ended the interview. It need not surprise anyone familiar with "Nuge" that a journalist-led conversation about hunting could be temporarily derailed in favor of his taking a swipe at the French, whose resistance to involving themselves in the Iraq war has engendered the ire of many Americans. That indignation has oft found expression in the humor of the moment (e.g., the fictions that Secretary of Defense Donald Rumsfeld referred to France and Germany as the "Axis of Weasels," French's mustard press statement letting U.S. consumers know "the only thing we have in common with the French is that we are both yellow," and American servicemen buried in France caused an earthquake by rolling over in their graves). Nugent's sarcastic comparison of the French to deer is simply more of that. And yes, he did make the comment in a May 2006 interview conducted by a British journalist Robert Chalmers for The Independent on Sunday, the expanded Sunday version of the UK newspaper The Independent:
"What do these deer think when they see you coming?" I ask him. "Here comes the nice guy who puts out our dinner? Or, there's the man that shot my brother?"
2006 Internet-spread versions of this exchange have changed the interviewer's nationality from British to French to position the rocker's observation as an even greater slap-down.
"I don't think they're capable of either of those thoughts, you Limey asshole. They're only interested in three things: the best place to eat, having sex and how quickly they can run away. Much like the French." Barbara "nuge whirled order" Mikkelson Last updated: 24 February 2010 This material may not be reproduced without permission. snopes and the snopes.com logo are registered service marks of snopes.com. Sources:


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Top Definition
When a female drops trow and presses her bare ass and mule lip up against a restaraunt window while the victim is eating. Female version of the fruit basket.
These shitty nacos were kicking my gag reflex until Lisa Loadlapper gave me the clam basket. I'd sure like to fill her cooch with my load.
Beküldő: Tommyshocker
2005. november 17.
4 more definitions
The inner, outer , and overall Lips of a womans vagina that gape,hang and generally appear to be crinkled together like clam parts found in your average seafood meal.
" The site of RxCatherine's clambasket frightens even the most avid fisherman from proceeding forward with cunnilingus."
Beküldő: Astrocreep
2005. január 19.
a basket that holds clams. The basket is used for clam transport.
Look at the chowderhead carrying a clambasket.
Beküldő: Crunkis RUlz0r
2005. január 13.
A slang term for a woman's lady-bits. Referring particuarly to those bits with a rather thick stench.
Oh my god Aimee, will you close your legs! The stench of your clam basket is hurting my eyes!
Beküldő: Stuuuuu
2007. december 2.
A slang term for a woman's genitals. Refers to the occasional fishy smell which has been known to ebb out of their bits at times.
Oh my God Aimee close your legs! The stench of your clam basket is affecting my eyesight.
Beküldő: Stewart Wilson
2007. november 26.


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Thomas, Roger K. University of GeorgiaPsychologyBaldwin StreetAthens, Georgia 30602-3013 UNITED STATES E-Mail: firstname.lastname@example.com Web: http://www.arches.uga.edu/~rkthomas/ Phone: 706-542-2174 Fax: 706-542-3275 Position: Professor Emeritus, Neuroscience and Behavior Program, Department of Psychology
Areas of interest: I do historical research and teach graduate history of psychology. I no longer do laboratory research, but when I did, it involved animal cognition and neurobiology of learning, memory, and intelligence. Species of interest: Saimiri sciureus sciureus (common squirrel monkey), Saimiri boliviensis boliviensis (Bolivian squirrel monkey)
Last updated: 2009-03-04


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Over the past century, childbirth has become safer for mothers and babies in the United States. From 1900 to 1999, the risk of a baby dying during birth or in the first year of life plummeted from 1 in 10 to less than 1 in 100. The risk of a mother dying from pregnancy-related complications or childbirth decreased even more dramatically, from 850 deaths to less than 8 in every 100,000 births.
Write a birth plan, but not in stone. According to new guidelines from England, birth plans are a great way to determine what you want in labor, but once you're in its throes, it's communication that will promote a healthy outcome. Even if your plan isn't followed to the letter, delivery will be satisfying as long as your wishes are acknowledged. "Talk to your caregivers about your expectations and ask them to communicate with you as labor progresses," says obstetrician Karen Nordahl, M.D., a co-author of Fit to Deliver (Hartley & Marks), who reviewed the guidelines.


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Here's how RW members rated this race in the past (296 votes).
In full: Really enjoyable first 10km race. As advertised was a nice flat course with lovely scenery on the way round.Date of review: March 20, 2010
In short: Good local raceIn full: Not sure if was my lack of a finishing kick or a big gap between the 9km and finish line!Date of review: March 17, 2010
In short: Had goodfun. Nice event good people. needs more loos. Lots of people and 3 loos don't mix.Date of review: March 15, 2010
In full: Really enjoyable 1st 10k race, what is problem with all the "not enough toilets" comments, I went straight in??Date of review: March 15, 2010
In short: Quick, flat and enjoyableIn full: My first ever race, which happened to be local. Good flat course and set a good PB. This would have been better as I was on a 200m sprint at the end which I could not complete as the last 20m was a sharp left hand dog leg through a farmers gate which funnelled down to a narrow finish line, could have got past a small crowd.Date of review: March 15, 2010
In short: Fastest 10k route ever! 3 mins off my PB $5 mins from 48 so well pleased!Date of review: March 15, 2010
Date of review: March 15, 2010
In short: Same every year - great route, poor toilet facilitiesDate of review: March 15, 2010
In short: Great run, converted my husband even! Would have helped to have some signage to the start of the 2K please.Date of review: March 15, 2010


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Wednesday, October 27, 2010
Folk ART Museum, now thru Oct 16, 2011
This Lovely show is one now at the Folk Art Museum...
Some really nice piece to go check out...
I have a bunch of images on my blog of quilts from the show
click here
to see...
more info on the museum here:
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Bayerstrasse 95, Munich, Germany
Doubles from: $76 to $141
Check Rates for JedermannChecking Rates for JedermannNo availability
Reviewed by EuroCheapo.com Editors
Located near the Oktoberfest grounds and a ten-minute walk from Central Station, the Hotel Jedermann is a popular budget-friendly pick that's been run by the same family for more than 50 years. This is a three-star "business class" hotel that, given its warm reception, will make leisure travelers feel at home.
The Jederman's 55 rooms are rather spacious, and most are decorated in a peachy, if sleepy, manner, with pretty walls and carpets, and standard hotel furnishings. The hotel's 48 rooms with private bath are equipped with a phone, radio, and TV. Nine fancy "superior" rooms were completely renovated in 2013 and boast extras like USB chargers and LED mood lighting. Meanwhile, the hotel's seven simplest (and cheapest) rooms are located on the top floor, share bathrooms in the hallway and have fewer amenities. (Cheapo option!)
While rooms facing busy Bayerstrasse will be noisier, these rooms also have AC, allowing guests to keep the windows closed (and the cool air on) at night. Still, light sleepers may want to ask for a room facing the courtyard or in the back building.
Free Wi-Fi is available throughout the hotel, but works best in rooms with private bath, and downstairs in the common areas. A generous breakfast buffet (with scrambled eggs and omelets) is included in the room rate.
» Tom Meyers, EuroCheapo Staff Writer
Note: This hotel was visited by a EuroCheapo editor and is recommended based on cleanliness, location, price and overall quality. EuroCheapo did not charge this hotel to be listed.
- Breakfast Included
- Elevator
- Reception: 24-Hour
- Wi-Fi: Free
- Air conditioning
- Bathroom: Private
- Cable TV
- Handicap accessible rooms
- Safe
- Telephone
Read Verified Reviews from our Partners
Bayerstrasse 95
South of the Train Station, Munich, Germany
Phone: +49-89-54 32 40
Fax: +49-89-54 32 41 11
Website: http://www.hotel-jedermann.de/
Email: email@example.com
About the Jedermann neighborhood
The blocks south of the Hauptbahnhof, or main train station, feature a staggering number of hotels. Many of Munich's sex shops can also be found here, as well as shopping, restaurants, bars and cafés. Stadtmitte is also nearby and very well served by public transportation.


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Rob Nelson's Channels
All-Time Favourite Timelapse Film's
66 Videos / 38 Followers
These are my all time favourite timelapse films. If you haven't seen them check them out ASAP! Also Follow all of the timelapsers as they will be coming out with more awesome stuff in the future!
Browse Channels
ChannelsChannels are simple, beautiful ways to showcase and watch videos. Learn more about Channels, browse all Channels, or create a new Channel. Vimeo Plus members can create unlimited Channels.


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Keywords: Local Governance
TEPAV Prepares a Gender Equality Scorecard for 81 Cities The study suggests that the gender gap is smallest in Istanbul, Tunceli, Bolu, Düzce, and Eskişehir.
ANKARA - TEPAV prepared a gender equality scorecard for 81 provinces in Turkey. In the context of the study, a Local Gender Equality Index and a Local Gender Empowerment Index were developed and cities were compared on the basis of indicators s
Professor Glaeser of Harvard University Assesses Turkey's Urbanization… Stating that Turkey has been a model in terms of economic transformation, Professor Ed Glaeser of Harvard University recommended paying attention to cars.
ANKARA – Professor Ed Glaeser from Harvard University held a presentation on urban economics at TEPAV's Turkey Urbanization Review workshop. Shedding light upon urban transformation in the US, he also commented on Turkey's urban transform
"Regional Competitiveness" Discussed during TEPAV's Annual Governance Symposium The 6th Annual Regional Development and Governance Symposium was held in Ankara.
ANKARA – TEPAV hosted its sixth annual Regional Development and Governance Symposia on Friday, December 2, 2011, with the theme "regional competitiveness and governance."
Delivering the opening speech of the symposium held at TEPAV, Gove
South Africa advices Turkey: "Use Your Strong City Power on Creating Provincial Government" Philip Van Ryneveld who has been involved in the constitution making studies of South Africa in the middle 1990's advice Turkey to ensure localization and to create strong city government in the meeting of TEPAV.
ANKARA - Philip Van Ryneveld who became an advisor on decentralization to the African National Congress (ANC) during the constitutional negotiations distinguished with the ethnicity and decentralization issues said that he is optimistic about Sou
TEPAV Trains Afghan Governors Good Public Management Training aiming to improve the management skills of public administrators will continue until June 12th
ANKARA- TEPAV gives Good Public Administration Training to public administrators of Vardak to improve their management skills.
Participants of the training offered in the context of the activities of Vardak Provincial Reconstruction Team consti
Citizens will evaluate public services with report cards
ANKARA- TEPAV Citizen Report Cards Training Program was held on 27-21 March at Ankara in cooperation with the World Bank and with the participation of city councils. The training was participated by the secretariat, executive board members, and
Training Needs of Municipalities within the Local Administration Reform Process
EU accession process and other global trends have been driving Turkish public administration to undergo a major reform along the democratic values of devolution-delegation of power, participatory processes in planning, implementation and monitoring a
Sayfalar: 1
Can Think20 overcome the "professional blindness" restraining G20 policymakers from fully engaging with emerging global challenges?
Ussal Şahbaz & Feride İnan
04 March 2015
Towards the Internet Governance Forum 2014: Turkish Economy's Networked Readiness
Bilgi Aslankurt
02 September 2014


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About the Leadership Council
The Leadership Council is the governing body of the Puget Sound Partnership. Its seven members are leading citizens chosen from around the Sound and appointed by the governor. Gov. Chris Gregoire named Bill Ruckelshaus the first chair. Founding members will serve terms of different lengths. Successors to the original council will each serve four-year terms.
Washington state has over 200 boards and commissions to which Governor Gregoire appoints citizen members. Appointees are responsible for advising the Governor, the legislature, and state agencies. For more information on board and commission appointments visit http://governor.wa.gov/boards/default.asp
For questions about the Leadership Council contact Tammy Owings, Special Assistant, 360.464.1229.
The public is invited to participate in meetings. 2011 Meeting Schedule >>
Chair: Martha Kongsgaard
Term: Four-year term, ends June 25, 2014
Biography: Martha Kongsgaard was born and raised in Napa, Calif., to a family of jurists, grape growers and cattle ranchers. Kongsgaard married Peter Goldman in 1988 and collaborated with him to found the Kongsgaard-Goldman Foundation. The foundation gives grants to a variety of nonprofit environmental, social justice and arts organizations in the Pacific Northwest and Alaska, many of which affect Puget Sound. Her community activities include participation on the national board and the executive committees of Earthjustice, Islandwood, the Future of the Law Institute and Friends of the Methow. She chairs several major capital campaigns, including the Cascade Agenda, the expansion of Islandwood and the building of the LEED-certified Community Center at the New High Point. Kongsgaard has served as the president of Philanthropy Northwest and has spoken broadly about philanthropy and the environmental movement to wide and diverse audiences for the past 20 years.
Member: Billy Frank, Jr.
Term: Four-year term, ends June 25, 2011
Biography: Billy Frank. Jr. of the Nisqually Indian Tribe has been chair of the Northwest Indian Fisheries Commission for 30 years. In this capacity, he "speaks for the salmon" on behalf of 20 Treaty Indian Tribes in western Washington. Under his leadership, tribes have successfully reasserted their traditional role as natural resource managers and secured other rights protected by treaties with the United States government. He has been celebrated regionally, nationally and internationally as an outstanding Native American leader and has been the recipient of numerous recognition awards, including the Albert Schweitzer Prize for Humanitarianism and the Indian Country Today Inaugural American Visionary Award.
Member: Diana Gale
Term: Four-year term, ends June 25, 2013
Biography: Diana Gale is currently the chair of the Washington Public Works Board, which biennially awards over $300 million in loans to local governments for infrastructure upgrades and repair. Gale is a senior lecturer at the Daniel J. Evans School of Public Affairs at the University of Washington. She is the former managing director of Seattle Public Utilities, the City of Seattle Office of Management and Budget and superintendent of the Seattle Water Department. She has been on the board of the Seattle Opera, the Seattle Chamber Music Festival, Long Live the Kings, the National Water Research Institute, the American Municipal Water Association and the International Water Management Council.
Member: Dan O'Neal
Term: Four-year term, ends June 25, 2013
Biography: Dan O'Neal is a member of the Washington State Transportation Commission where he served as chair from 2005 to 2006. O'Neal is on the board of The Greenbrier Companies (GBX), a publicly traded railroad car leasing and manufacturing company, and is a founder and investor in PowerTech Group, Inc., a business security software company. He chairs the Puget Sound Freight Mobility Roundtable and, until July 2005, served as chair of the Washington Freight Mobility Strategic Investment Board. He is on the board of the Cascade Land Conservancy and is a board member and vice president of the Hood Canal Salmon Enhancement Group. He previously was owner and CEO of a transportation and logistics company headquartered in Seattle. He served on the Interstate Commerce Commission (ICC) in Washington, D.C., from 1973 to 1980 and was chair of the agency from 1977 to 1980. Prior to the ICC, O'Neal was transportation counsel to the U.S. Senate Commerce Committee under the leadership of Sen. Warren G. Magnuson.
Member: Steve Sakuma
Term: Four-year term, ends June 25, 2013
Biography: Steve Sakuma was raised on the family farm with operations in Washington and California. Sakuma is CEO of Sakuma Bros. Holding Co., a family-owned farming operation consisting of Sakuma Bros. Farms, Inc., Norcal Nursery, Inc. and Sakuma Bros. Processing, Inc. He is a retired US Army colonel and has 26 years of military experience. He has years of involvement with Skagitonians to Preserve Farmland, having served as a member of the board and as president. He is a board member of the Western Washington Agricultural Association and a Commissioner in Drainage and Irrigation District #14.
Member: Bill Wilkerson
Term: Four-year term, ends June 25, 2014
Biography: Bill Wilkerson retired in December 2006 from his position as executive director of the Washington Forest Protection Association (WFPA), where he served for more than 10 years. Wilkerson was the lead negotiator in the state's landmark salmon recovery plan - the Forests & Fish Agreement - the largest Habitat Conservation Plan in the country, meeting requirements of both the endangered species and the clean water acts. Prior to joining WFPA, he was a partner in the law firm of Gordon, Thomas, Honeywell, Malanca, Peterson & Daheim. He served as managing partner and as chair of the firm's Resources Strategies Group. He was the director of the Washington Department of Revenue and the Washington Fisheries Department and held positions in the Interior and Commerce departments, the Office of the President and the U.S. Small Business Administration.
Member: David Dicks
Term: ends June 25, 2011
Biography: As the first Executive Director of the Puget Sound Partnership, David was instrumental in development of the Action Agenda, an ecosystem-based roadmap for Puget Sound cleanup and protection efforts and paved the way toward restoring the Sound by 2020. Prior to his appointment to the Partnership, David was a partner at Cascadia Law Group PLLC in Seattle. His practice focused on Puget Sound, salmon recovery, and other natural resource projects. He received his Bachelor of Arts with honors from Stanford University, and received his J.D. and the Environmental Law Certificate from UC Berkeley's Boalt Hall School of Law. In November 2010 he accepted a position with the University of Washington's College of the Environment. He divided his growing up years between Hood Canal and Washington DC. David, his wife Antonia, and daughter Danika continue to enjoy time in "the Hood" when they are not at their home in Seattle.


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Comments on Grand Ledge | Add Comment |
Show which comments —
Comments displayed oldest to newest — Skip Ahead to the Most Recent Dated Jul 28, 2013 |
By James M Schroeder From: Sauk County, WI Apr 18, 2007 |
It would be great if anyone with beta could start posting route descriptions. I'd be very interested to see what this place is all about. |
By Tony B From: Around Boulder, CO Apr 18, 2007 |
What G.L. is all about? Soft rock, regulations, short routes and crowds. I was told all about it in the early 90's once by someone who enthusiastically encouraged me to try it out. In the end, I went with my girlfriend and both of us decided that the guy who so encouraged us to go there with his praise-laiden descriptions should actually check the place out for himself some time... |
By James M Schroeder From: Sauk County, WI Apr 18, 2007 |
Tony- Awesome job on that uncharacteristically pissed off rant! I've heard rumors that agree with your statements above. Cheers, James |
By James Beissel From: Boulder, CO Apr 19, 2007 |
Grand Ledge isn't much, I sure wouldn't call it a destination, but it is virtually the only climbing available to Michigan climbers. Because of this, it is crucial that local rules are respected in order to prevent excessive erosion and to maintain good relations with the city. No lead climbing No rappelling Use carpet to pad the edge under your ropes Do not top out Tread lightly when setting up TRs and around vegetation on routes There are a limited number of routes at the Ledges and sharing ropes is the norm. It's a good idea to peek around at the top before you hike down and make sure you are comfortable with getting on someone else's setup. If you see something dangerous, tell the owner of the rope. There are lots of beginners here and I have seen some incredibly bad setups, but a little friendly advice has almost always been well received. |
By Jason Haas Apr 20, 2007 |
edit:the old website is down but the guide has been updated and redone and can be downloaded for free at Fixed Pin Publishing's website |
By Mike Mu. Jul 31, 2007 |
i 2nd the sketchy setups. i went there once with my then girlfriend and was amazed at what people would entrust their bones to. sketchy! no lead climbing? is that because of rock quality or just some BS put up by the locals? |
By GeoffElson Jun 3, 2008 |
World class, absolutely not, I would never go out of my way, but if you are near by it really is worth checking out. There is a lot of shit but a few gems mostly of mid-tougher grades. There should be at least one knowledgeable good climber around at any one time who would be happy to give a tour of the best stuff be sure to ask about The Trick (v2), Enigma (v6), Despondency (5.11), Resistance (5.13), Inappropriate Behavior (5.12-), and Raged Edge (5.12). It's easy to be negative about Grand Ledge, but put your ego aside and have a bit of fun. |
By jay.kalamazoo From: kalamazoo, mi Sep 13, 2009 |
Grand ledge is really a special place. It is a good spot to see the impact climbers can have- both positive and negative. many michigan climbers have stopped going to the ledges because of the negative impact- but there are a few short quality routes there. - please please pad your anchors to reduce erosion and impact on the sandstone. |
By CaseyK From: Tucson, Az Mar 14, 2010 |
Here are a few guide books I was able to find online. higround.com/www.higround.com/... glc.cheapholds.com/Docs/GL_Gui... Hope this helps! |
By Jason Haas Aug 9, 2010 |
Fixed Pin Publishing just revamped the old guide originally done by me and now offers a comprehensive, color guide with photo overlays for free to people to download off of their website Hope you guys enjoy it and let us know what you think of it. |
By Juggler May 31, 2011 |
Update on the above directions: Note the park is called "Oak Park", not Lily Park Directions from I96 East Bound: Going east from Grand Rapids take the Grand Ledge exit Wright Rd (Route 100). Take this south for about 4 miles, merge turn right onto N Bridge St. Take a right on W. Front Street just before the bridge(at the Lickity Split). Go all the way until it dead ends at Oak Park Great place. First time was this past Mem. Day weekend. Met nice folks who are very open to rope sharing. Sweet climbs and only had time to do about 1/10th of them! Will look to come back soon. Jason- Like your guidebook ALOT! |
By Juggler May 31, 2011 |
Great early season climbing |
By Juggler May 31, 2011 |
To All Chicago Area Climbers: I am looking for partners to go to GL and other locations(Jackson Falls, DL, The Red, etc) with. I have an Airplane and can fly us there. There is an airport right in GL they will take us to the climb for a day trip. It is just a little over an hour flight to GL. Please send me a PM if you want more details and the cost of sharing the flight expenses. Hope to meet a few of you soon. I can fit up to 4 climbers with me in the Cherokee 6(with room for gear). :) |
By Woodchuck ATC May 31, 2011 |
After reading the location info and earlier comments from several years back, I do remember why I've never made the drive out to see this place. Agree it is NOT a destination climbing location. Too short of routes is one reason. |
By Juggler Jun 1, 2011 |
Woodchuck: Depends on your goals. It is a great place for the start of the season, it is REAL rock, great sandstone, not crowded, right on the river(great for kayaking too), camping close by, met some very nice climbers, and more. Some of you folks are just a bit too ELITE and should not knock this sweet climbing area unless you HAVE come out to see it. The climbs are challenging though not tall- Kinda sounds like a local climbing gym that YOU and I frequent. I challenge you to try "Doug's roof" sometime! It is nice for a day or 2 of climbing. I was pumped after 2 days, early season. |
By Colonel Mustard Jul 8, 2011 |
As a visiting climber, I find it funny to see some criticize Grand Ledge for what it clearly isn't. It's a picturesque, Huck Finn locale with some short overhanging climbs you can cop a wicked forearm pump on. Doug's Roof would easily be a world class climb anywhere... well, if it were 70 feet longer and bolted, but still, if I find myself in Michigan in the summertime again, I'll definitely include some more sessions here on the sandbagged sandstone. So, to you Central Michiganders whose lot in life leaves you stranded in the largely flat lands trapped between the options of cornfields, an epic climbing commute, and the toprope haven that is the Grand Ledge, I salute you. |
By Rich zz From: california Nov 26, 2012 |
hey guys. i might be relocating to saginaw. checking out what's around. are there any trad places in central MI? |
By Boots Ylectric From: Roselle IL Jul 28, 2013 |
I'm really jealous of the town of Grand Ledge having such a cool little crag in it's backyard. World class? No. But if it was all you had, it would be absolutely amazing. My closest climbing is 3 hours away, so to see this crag sitting literally in Grand Ledge's backyard made me pine for my own neighborhood crag. There are some fun pumpy climbs and the backdrop is really nice. The locals all seemed cool, and willing to share climbs and be neighborly. I wish we could have stayed longer, but we were rained off. Hopefully I'll get to come back some time. |


text:
Please use this identifier to cite or link to this item:
Title: | Acid Degradation of FRP Composites |
Authors: | Surendra Kumar, M Sharma, Neeti Ray, B C |
Keywords: | glass/epoxy composites acid attack interlaminar shear strength water diffusion residual stress |
Issue Date: | 20-Apr-2007 |
Citation: | Proceedings of the National Conference on Developments in Composites, April 14-15, National Institute of Technology Rourkela |
Abstract: | Fibre-reinforced polymers (FRPs) are increasingly being used as reinforcement in new concrete structures and as strengthening materials for the rehabilitation of existing concrete structures.The main advantages of FRPs are their light weight, high strength, and non-corrosive features. The research presented in this paper is an effort to understand the interlaminar fracture behaviour of glass/epoxy composite laminates after acid treatment of varying dilution. This study uses 3-point flexural test to qualitatively assess such behaviour for 50 weight percentage of E-glass fibres reinforced epoxy composites after acid treatment. The specimens were tested at 2 mm/min and 500 mm/min crosshead speed to evaluate the sensitivity of mechanical response during loading at these conditions. The mechanical performances of the laminated specimens treated in acid solution of different concentration were compared by using SEM photographs. Phenomenological behaviour of these materials may be attributed by degradation of matrix and fibre caused due to acid attack, water diffusion and generation of residual stresses in the composite laminates. |
Description: | Copuright belongs to National Institute of Technology, Rourkela, India. |
URI: | http://hdl.handle.net/2080/423 |
Appears in Collections: | Conference Papers |
Files in This Item:
File | Description | Size | Format | |
national conference.pdf | 910.37 kB | Adobe PDF | View/Open |
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.


text:
I'm sorry...I don't believe the wine add with a picture of Kraft cheese...I think you were in a mindset to trash the area and made that up.
Southern Exposure
Trip Start
Nov 05, 2006
Trip End
Jan 14, 2008
Visiting "the South" is at times more shocking and adverse than some of the foreign countries through which we've traveled. In theory, we speak the same language but it would seem that the Southern dialect at times is beyond comprehension to those of us from the West coast. Some words are combined while others are just stretched out or cut short. Some words aren't quite words at all. For example, "you all" becomes "yall." That's the singular version though, if you're referring to a group, it's "all yall." Your first encounter with Souther dialect might instill the same feeling you had the first time you watched a Shakespearean play. You know the words are in English, but it takes some time to wrap your mind around the pronounciation and dialect.
We were visiting Staunton, Virginia (pronounced "stan-ton" by the residents of the town,) which looks like something out of a Norman Rockwell painting with it's colonial architecture, and blazing fall colors. My sister and her family live here, as does my father now. Staunton has a nice little downtown with cafes and restaurants and even a tourist office. We intended to use it as a launch point to visit Washington D.C. before heading home. On our first downtown visit, Laura left the cafe we used as our internet hub to gather information for our D.C. day trip. This is when our first incident of "Southern exposure" took place. Laura was walking across the street when a local man stopped her and said, "Now where did you get that brown skin?" "Are you Italian?" (pronounced "III-tal-yin") Momentary panic set in as the question registered. What did he mean? Is this a trick question? Do I hear banjos playing? Not to worry though, it was a true Southern gentleman who was intrigued by Laura's coloring and had just not been exposed to alot of people of Latin descent (or Italians either obviously.) That's the thing about small town America though, it's a bit of a time warp when you are accustom to urban settings and more so when just coming off a year abroad. It is quite pleasant though as Southern manners are the required educate and "please" and "thank you" are included in most phrases. We learned from the tourist office that there is no easy way to get to D.C. from Staunton. Since we were tired of long bus rides and D.C. isn't going anywhere, we decided to skip the day trip and stay local.
Lauras visit to the tourist office did get information that Virginia also produces wine. "Cool" we thought, we could round out our travels with another wine country tour. Laura grabbed a booklet from the tourist office touting the merits of Virgina's fine wine. I read through the booklet to select some vineyards for our tour. It was then that I spotted what would be incident two of our Southern exposure. In the center of the brochure was a picture with the caption "A fine Virginia wine will compliment the flavors of your favorite food." Visions of foie gras, crusty bread and exotic cheeses filled my head accompanied by a nice cabernet. This would be great, at last we could get the foods we like to eat to go with some new wines to taste. The picture was a little different though. A bottle of Virginia's finest was staged on a table with two wine glasses, two plates with crackers, and a can of Kraft EZ cheese. I was in a state of disbelief (laughing of course). I showed Laura the picture, then I showed my father the picture and finally my sister. Even my sister was shocked. I guess I can't make too much fun of the EZ cheese as "favorite food" though. After all, I did live in Chico for a long time which was panned by a food critic as "Chico, where Velveeta is considered culture."
Everything comes in threes so it would reason that we would have at least one more shocking encounter with the South. While relaxing one morning, the Directv installer arrived to hook up the satellite service. Half way through his visit he came inside to inform my father of some difficulties he was having with the dish alignment. He proceeded to offer a lengthy diatribe with a combination of industry acronyms, abbreviations and Southern slang, all layered under the reverberating twang that only Southern "gentlemen" can produce. Imagine an auctioneer but every word is supposed to mean something and convey a complex set of issues. My father and Laura sat smiled, and nodded their heads. Upon finishing his 5 minute speech, he turned and left the room to sort out his problems with the dish alignment. My father looked at Laura and said, "I didn't understand a word he said." "Me neither," she said. Having been raised in the South and having diligently maintained my linguistic skills with the aid of Hollywood movies, I said, "excuse me, I speak 'yall, would you like me to translate?"
We spent the rest of our time visiting with my sister's family and catching my nieces' high school's football game, topped off with a Veteran's Day parade in downtown Staunton. This is pure Americana. Some news from home about a job prospect cut our trip short and we headed out two days early for Sacramento.


text:
A Study of Fluconazole in the Prevention of Fungal Infections in HIV-Infected Patients Living in Areas Where Fungal Infections Are Common
This study has been completed.
Information provided by:
NIH AIDS Clinical Trials Information Service
ClinicalTrials.gov Identifier:
First received: November 2, 1999
Last updated: June 23, 2005
Last verified: April 1996
- Full Text View
- Tabular View
- No Study Results Posted
- Disclaimer
- How to Read a Study Record
To compare the efficacy of fluconazole versus placebo in preventing the development of active coccidioidomycosis and other systemic fungal infections among HIV-infected patients with CD4 lymphocyte counts < 250 cells/mm3 who are living in the coccidioidal endemic area.
Condition | Intervention |
Mycoses HIV Infections Coccidioidomycosis |
Drug: Fluconazole |
Study Type: | Interventional |
Study Design: | Endpoint Classification: Efficacy Study Intervention Model: Parallel Assignment Primary Purpose: Treatment |
Official Title: | A Double-Blind, Placebo-Controlled Study of Fluconazole in the Prevention of Active Coccidioidomycosis and Other Systemic Fungal Infections in HIV-Infected Patients Living in the Coccidioidal Endemic Area |
Resource links provided by NLM:
Further study details as provided by NIH AIDS Clinical Trials Information Service:
Ages Eligible for Study: | 13 Years and older |
Genders Eligible for Study: | Both |
Accepts Healthy Volunteers: | No |
Inclusion Criteria
Patients must have:
- Documented HIV infection.
- CD4 count < 250 cells/mm3.
- No active coccidioidomycosis or other fungal disease requiring systemic antifungal therapy.
- Residence in area considered to be endemic for Coccidioides immitis.
- Consent of parent or guardian if under legal age of consent.
Exclusion Criteria
Co-existing Condition:
Patients with the following symptoms or conditions are excluded:
- Unable to take oral medication.
- Positive serum cryptococcal antigen.
Concurrent Medication:
- Systemic antifungal therapy.
Patients with the following prior conditions are excluded:
History of hypersensitivity to azole or imidazole compounds.
Prior Medication:
- Systemic antifungal agents within 2 weeks prior to study entry.
Contacts and Locations
Choosing to participate in a study is an important personal decision. Talk with your doctor and family members or friends about deciding to join a study.
To learn more about this study, you or your doctor may contact the study research staff using the Contacts provided below.
For general information, see Learn About Clinical Studies.
Please refer to this study by its ClinicalTrials.gov identifier: NCT00002325
Please refer to this study by its ClinicalTrials.gov identifier: NCT00002325
United States, Arizona | |
McDowell Clinic | |
Phoenix, Arizona, United States, 85006 | |
Tucson Veterans Administration Med Ctr | |
Tucson, Arizona, United States, 85723 | |
United States, California | |
Dr Lawrence Cone | |
Rancho Mirage, California, United States, 92270 |
Sponsors and Collaborators
More Information
No publications provided
Keywords provided by NIH AIDS Clinical Trials Information Service:
Additional relevant MeSH terms:
ClinicalTrials.gov processed this record on May 04, 2015
No publications provided
ClinicalTrials.gov Identifier: | NCT00002325 History of Changes |
Other Study ID Numbers: | 012R, R-0266 |
Study First Received: | November 2, 1999 |
Last Updated: | June 23, 2005 |
Health Authority: | United States: Food and Drug Administration |
Keywords provided by NIH AIDS Clinical Trials Information Service:
Mycoses Fluconazole Acquired Immunodeficiency Syndrome AIDS-Related Complex Coccidioidomycosis |
Additional relevant MeSH terms:
Coccidioidomycosis Coccidiosis Communicable Diseases Infection Mycoses Parasitic Diseases Protozoan Infections Fluconazole |
14-alpha Demethylase Inhibitors Anti-Infective Agents Antifungal Agents Enzyme Inhibitors Molecular Mechanisms of Pharmacological Action Pharmacologic Actions Therapeutic Uses |
ClinicalTrials.gov processed this record on May 04, 2015


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Bookseller ReviewsWithin the Kennedy family, Robert was known as either his mother's pet or the runt. In this highly competitive environment, he was oversensitive, moody, and quiet; a mediocre student, an intense, but awkward athlete. But "Mrs. Kennedy's little boy Bobby" was brooding himself into maturity. This biography, the first major R.F.K. life in twenty years, presents the eternal younger brother as a fierce and sullen campaigner, a talented (if ruthless) negotiator not adverse to use back channels. Wise Man author Thomas scrutinizes the mythos surround Robert, including his links to the mob, assassination plots and Ms. Monroe. As Newsweek readers recently learned, his rendering of the Cuban Missile Crises brings it all back closer than ninety miles from home.


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Social Question
Do hormones affect the way that foods taste?
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I have noticed that when I'm ovulating or on my period, lots of foods that I normally love, start to sound very unappealing. Sometimes to the point where my favorite foods will actually turn my stomach if I try to eat them.
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A manic Mad Hatter. A 1930s widow. Henry VIII's soon-to-be-�beheaded queen. A steam-punk Shakespearian military hero.
All these characters will be on area stages this week. We'll know who they are instantly thanks to the costume designer, whose job is to tell us who characters are even before they tell us themselves.
"A costume can tell the audience something about the social and economic status of the character the actor is portraying, as well as help to convey the time of year, time of day, climate and perhaps the occasion for which it is worn," said Elizabeth Covey, costume designer for Neil ...


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Associated Press
ANAHEIM, Calif. (AP) — Garrett Richards will carry a chip on his shoulder the rest of the season after getting snubbed for the AL All-Star team.
The Los Angeles Angels' right-hander said so Saturday night after matching Felix Hernandez in a duel that resulted in no-decisions for both pitchers.
Logan Morrison hit a go-ahead RBI double against Joe Thatcher during Seattle's two-run 12th inning, and the Mariners survived a leadoff homer in the bottom half by David Freese to beat the Angels 3-2 less than 24 hours after Los Angeles won the series opener by the same score in 16 innings.
Richards, who like Hernandez is 11-2, allowed a run and three hits in eight innings and struck out seven.
He retired his first 15 batters on 49 pitches and struck out the side in the fourth before giving up a leadoff double in the sixth to Dustin Ackley.
"That will be probably something I'll carry with me the whole year," Richards said of being left off the All-Star team. "There's nothing you can do about it now, so I'm just going to go out every five days and try to win a ballgame.
"I gave us a chance to win, and that's first and foremost for me."
Hernandez yielded an unearned run and just two hits over seven innings. This was the 12th consecutive start in which the 2010 AL Cy Young Award winner and five-time All-Star threw at least seven innings and allowed two runs or fewer, tying an AL record.
"I knew it was a tough matchup against Richards. He's been hot for a while," said Hernandez, who struck out nine and walked four. "I just wanted to go out and compete and make my team win."
The Angels' only hit through the first six innings was a leadoff double in the fourth by All-Star MVP Mike Trout. Hernandez, who started for the AL on Tuesday, took a 1-0 lead into the seventh and walked Albert Pujols and Josh Hamilton with none out before giving up the tying run.
Shortstop Brad Miller made a diving stop of Howie Kendrick's single behind second base and threw wildly past first base, allowing Pujols to score. Hernandez then fanned Chris Iannetta with runners at second and third.
"You have to remember that he's pitching on short rest because he threw on Tuesday, but his stuff was sharp, like always," Pujols said. "He's a warrior. He's going to go out there and give you everything he has. We didn't have many chances and they didn't have many chances, either."
The AL West rivals have played for 9 hours and 21 minutes in their first two games following the break, and the pitching staffs have thrown a total of 779 pitches in 28 innings.
"I don't think our guys are tired. They're resilient," Seattle manager Lloyd McClendon said. "It's hard to win games at this level regardless of who you're playing. We just happened to be playing the team with the second-best record in baseball.
"It was tough, but just like last night, in about five minutes, we've got to turn the page and get ready for (Sunday)."
Thatcher (0-1), one of three relievers the Angels acquired from NL teams over the past three weeks, gave up a leadoff double in the 12th to Kyle Seager before Morrison drove him in. Pinch-hitter Justin Smoak scored pinch-runner Willie Bloomquist with an infield hit.
Dominic Leone (3-2) pitched one-plus inning for the victory after taking the loss Friday. He was pulled after giving up Freese's fifth homer.
Charlie Furbush got three outs for his first save in four major league seasons. Los Angeles remained 1 1-2 games behind AL West-leading Oakland.
Kendrick legged out a leadoff double in the Angels' ninth, but Brandon Maurer struck out Freese and retired Efren Navarro on a popup before Iannetta struck out for the fourth straight time.
Huston Street pitched a scoreless ninth in his Angels debut following a trade Friday with the San Diego Padres. He became the Angels' 29th pitcher this season, tying the franchise record set in 1996.
"It's nice to go someplace where you really do have a good chance to win a world championship this year," Street said. "That's the thing that matters most for me. It's bittersweet, obviously, because I did love it in San Diego."
NOTES: Hernandez has allowed only two home runs to the last 456 batters he has faced over 16 starts and 118 2-3 innings. … The Angels made room for Street — a two-time All-Star — by optioning 1B/DH C.J. Cron to Triple-A Salt Lake. … Angels SS Erick Aybar sat out because of soreness in his groin, which forced him out of Friday's game. … Hamilton again was done in by Seattle's over-shifted infield as 2B baseman Robinson Cano threw him out from the outfield grass his first two times up.
Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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To: | XFS mailing list <linux-xfs@xxxxxxxxxxx> |
Subject: | restoring after running xfs_repair |
From: | James Rich <james@xxxxxxxxxxxxx> |
Date: | Wed, 25 Sep 2002 16:51:07 -0600 (MDT) |
Sender: | linux-xfs-bounce@xxxxxxxxxxx |
For some reason my partition (on a brand new machine) containing / got corrupted. I ran xfs_repair on it and now everything is in lost+found. How do I put it all back? If I can't put it back it wouldn't be too bad since this is a brand new install and nothing really significant has been done on it yet - so no real data loss. Should I have done something before running xfs_repair? James Rich |
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Previous by Date: | Re: XFS "freezes" on AMD systems, Bernhard Erdmann |
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